Condor Hospitality Trust Inc. said its shareholders approved the company's planned sale to the operating partnership of fellow hotel real estate investment trust NexPoint Hospitality Trust.
At a special meeting Sept. 23, more than 81.8% of Condor's common stockholders and 100% of its series E cumulative convertible preferred stockholders voted in favor of the transaction, which includes the sale of Condor's operating partnership to a subsidiary of NHT Operating Partnership LLC.
Under the terms of the deal, Condor's common stockholders will receive $11.10 per share while its series E preferred stockholders will receive $10.00 per share. The limited partners of Condor's operating partnership will receive 21.346 cents per partnership interest.
The transaction is slated to close in the fourth quarter.
